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Economics

Angola Seen Returning to Growth in 2020 After Four-Year Slump

  • President vows to continue to diversify economy, fight graft
  • Angola’s economy contracted after oil putput, prices dropped
Traffic passes beneath a construction crane in Luanda, Angola.

Photographer: Simon Dawson/Bloomberg

Angolan President Joao Lourenco expects Africa’s second-biggest oil producer to return to growth next year as the government accelerates efforts to diversify an economy battered by a decline in crude prices and output.

“Angola’s economic crisis started in 2014 and it got worse, not just because of lower oil prices, but because the country is indebted and is honoring its commitments,” Lourenco said in a state-of-the-nation speech in parliament on Tuesday. “In 2020, we expect the economy to return to growth due to rising output from the non-oil sector.”